MobiKwik reports Rs 122.6-crore loss in FY25 despite surge in payments business

Representative image

Fintech firm MobiKwik posted a consolidated net loss of Rs 122.6 crore for the financial year ended March 2025, compared to a profit of Rs 14.1 crore in the previous year, even as its revenue rose 34 percent year-on-year to Rs 1,192.5 crore.

The company’s losses were driven by a combination of rising payment processing costs, employee expenses, finance costs, and regulatory-related revenue adjustments tied to its digital lending business.

MobiKwik’s total payments gross merchandise value (GMV) grew over threefold during the year to Rs 1.16 lakh crore, a 203 percent increase over FY24. Payments revenue also doubled in the fourth quarter alone, helping the company close the year with an industry-leading payments gross margin of 20% and a net payments margin of 13 basis points—one of the best in the sector.

Despite this top-line momentum, the company’s profitability was impacted by waiver agreements with lending partners to comply with the Reserve Bank of India’s updated digital lending norms. These included reversals of both receivable income and facilitation fees from earlier quarters, which dented the profit and loss statement.

Total expenses for FY25 climbed to Rs 1,271.9 crore, up from Rs 853.1 crore the previous year.

EBITDA slipped into negative territory at Rs 79.4 crore, down from a positive Rs 37.2 crore in FY24.

Quarter update

In the January–March quarter (Q4), MobiKwik recorded a net loss of Rs 55.8 crore compared to a near-flat loss of Rs 0.7 crore in Q4FY24. Revenue from operations for the quarter stood at Rs 267.8 crore, slightly higher than Rs 265 crore a year earlier.

However, EBITDA loss widened to Rs 45.8 crore in Q4 FY25 due to lower contribution margins. The company reported a 5.4% reduction in fixed costs during the quarter, aided by improved digital workflows and cost optimisation efforts.

The company ended FY25 with total assets of Rs 1,360 crore, net worth of Rs 588.6 crore, and cash and equivalents of Rs 112.2 crore.

MobiKwik’s user base touched 176.4 million by March 2025, with 20.6 million new users added during the year. The merchant base stood at 4.6 million, with 0.53 million added in FY25. In Q4 alone, the platform added 4.4 million users and 76,000 merchants.

“Our payments business has shown remarkable strength, growing threefold year-over-year,” said Upasana Taku, co-founder and CFO of MobiKwik. “Our focus for this year will be to leverage AI as a growth catalyst—to accelerate go-to-market, drive revenue growth, and expand margins through intelligent automation.”

In April, MobiKwik’s payments subsidiary Zaakpay also received RBI approval to operate as a licensed payment aggregator and gateway.